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I am thinking there is a chance and that a trip through
the honing process will quickly tell you what the verdict is.

The annealing/tempering of old blades did vary over wide ranges
and this...

This link is interesting. I believe you are seeing
oxide colors.

TEMPERING

If this was heated by a buffer one could see what the
likely upper bounds of the temperature might have been....

Sadness....

The only way to learn anything is to hone it up.

At least the seller did not buff it out to hide the issue.

If it has been wrecked you can try a gaggle of things
but first...